Bitcoin Reaches All Time High Market Capitalization

"What generally prevents tons of fracturing is the same thing that always has- perceived value of the currency."Except that "perceived value" is not what prevents fiat currencies from fracturing. A government could, at any time, issue a new currency that competes with or replaces its old one. The reason governments almost never do this is that it amounts to defaulting on a loan, at a fundamental level. To put it another way, if a government decides to issue some new, incompatible currency, and whatever currency you had previously lost some or all of its value, would you trust that the new currency would not also be replaced by yet another currency later on? Money does not just magically get its value; the "perception" that money has value is, like the perception that anything else has value, based on supply and demand. We are all familiar with the money supply; money deman...